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/raid1/www/Hosts/bankrupt/TCRLA_Public/120119.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, January 19, 2012, Vol. 13, No. 012 Headlines B A H A M A S KERZNER INT'L: Brookfield Asset Cancels Bid to Buy Resort C A Y M A N I S L A N D S AVENUE EQUITY: Creditors' Proofs of Debt Due Jan. 20 BAM OPPORTUNITY: Commences Liquidation Proceedings CALICO PARTNERS: Commences Liquidation Proceedings COMALCO (TASMAN): Creditors' Proofs of Debt Due Jan. 19 CONSUL 20242: Commences Liquidation Proceedings EAST EQUITY: Creditors' Proofs of Debt Due Jan. 20 K2 HOLDINGS: Commences Liquidation Proceedings KAVAK INVESTMENTS: Commences Liquidation Proceedings KUREE INTERNATIONAL: Placed Under Voluntary Wind-Up LEEHILL FUND: Commences Liquidation Proceedings LINDSELL TRAIN ACCUMULATOR: Commences Liquidation Proceedings LINDSELL TRAIN DISTRIBUTOR: Commences Liquidation Proceedings LINDSELL TRAIN GLOBAL: Commences Liquidation Proceedings LINDSELL TRAIN MEDIA: Commences Liquidation Proceedings LOMBARD/APIC ADVISORS: Commences Liquidation Proceedings MADISON EQUITY: Creditors' Proofs of Debt Due Jan. 20 NATHAN RETAIL: Commences Liquidation Proceedings NATURAL WAVE: Commences Liquidation Proceedings PISTON INVESTMENT: Commences Liquidation Proceedings STORES INTERNATIONAL: Commences Liquidation Proceedings SYC RETAIL: Commences Liquidation Proceedings UBS (CAY) ISLAMIC FUND: Commences Liquidation Proceedings UBS (CAY) ISLAMIC MASTER: Commences Liquidation Proceedings UPPER EQUITY: Creditors' Proofs of Debt Due Jan. 20 WELLINGTON RETAIL: Commences Liquidation Proceedings P E R U DOE RUN: Creditors Agree to Smelter Restructuring T R I N I D A D & T O B A G O * TRINIDAD & TOBAGO: Economy Contracts 1.4% in 2011, Bank Says X X X X X X X X * Upcoming Meetings, Conferences and Seminars - - - - - ============= B A H A M A S ============= KERZNER INT'L: Brookfield Asset Cancels Bid to Buy Resort --------------------------------------------------------- The Nassau Guardian reports that Brookfield Asset Management has cancelled a landmark debt-for-equity swap agreement with Kerzner International, the owner of the Atlantis Resort. Paradise Island is now in limbo as creditors must return to the table and continue the restructuring of Kerzner International's US$2.5 billion in mortgage debt, according to The Nassau Guardian. Andrew Willis, senior vice president of Communications and Media at Brookfield Asset, told The Nassau Guardian in an interview that they decided to walk away after a U.S. judge issued a temporary restraining order on the transaction. "As a result, we decided to terminate the offer to acquire the properties. . . . We just made the decision in the moment based on the court's decision. Now, we are reviewing our options," the report quoted Mr. Willis as saying. The Nassau Guardian discloses that a legal battle is being waged in the U.S. between Brookfield Asset and senior lenders in Kerzner International's US$2.5 billion mortgage debt. The report notes that senior lenders were suing Brookfield Asset to stop what they called "brazen self-dealing" that resulted in the apparent acquisition of Kerzner International's assets in The Bahamas and Mexico on November 30. The plaintiffs alleged that Brookfield Asset colluded with junior lender PCCP and special servicer Wells Fargo, exploiting certain administrative powers to carry out the transfer of assets without approval and in violation of the loan agreement, The Nassau Guardian relays. As reported in the Troubled Company Reporter on Dec. 9, 2011, Dow Jones' Daily Bankruptcy Review reports that five years after resort operator Kerzner International was taken private in a $4 billion buyout by a group of big-name investors -- including Goldman Sachs Group Inc.'s Whitehall funds and Colony Capital LLC -- the deal has turned into a bad bet. Kerzner International is the owner of several luxury getaways. Atlantis Resort on the Paradise Island, Kerzner's flagship property, is one of the most popular resorts in North America and is the largest resort in the Bahamas. =========================== C A Y M A N I S L A N D S =========================== AVENUE EQUITY: Creditors' Proofs of Debt Due Jan. 20 ---------------------------------------------------- The creditors of Avenue Equity Limited are required to file their proofs of debt by Jan. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 29, 2011. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands BAM OPPORTUNITY: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 29, 2011, the sole shareholder of BAM Opportunity Offshore Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 CALICO PARTNERS: Commences Liquidation Proceedings -------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Calico Partners, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 COMALCO (TASMAN): Creditors' Proofs of Debt Due Jan. 19 ------------------------------------------------------- The creditors of Comalco (Tasman) Limited are required to file their proofs of debt by Jan. 19, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 29, 2011. The company's liquidator is: Warren Keens c/o Kim Charaman Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Intertrust (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034 Grand Cayman KY1-1102 Cayman Islands CONSUL 20242: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 28, 2011, the shareholders of Consul 20242 Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 28, 2011, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands EAST EQUITY: Creditors' Proofs of Debt Due Jan. 20 -------------------------------------------------- The creditors of East Equity Limited are required to file their proofs of debt by Jan. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 29, 2011. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands K2 HOLDINGS: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 25, 2011, the shareholders of K2 Holdings (Cayman) Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 KAVAK INVESTMENTS: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 29, 2011, the sole shareholder of Kavak Investments Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands KUREE INTERNATIONAL: Placed Under Voluntary Wind-Up --------------------------------------------------- On Nov. 28, 2011, the shareholders of Kuree International Inc. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Jan. 17, 2012, will be included in the company's dividend distribution. The company's liquidator is: Feng Xin Shouxiangkeji Building, 13th Floor, No. 51 Xueyuan Rd, Haidian District Beijing, 100191, P.R. China Telephone: +010-62309066 Facsimile: +010-62309066-5555 LEEHILL FUND: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 28, 2011, the sole shareholder of Leehill Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN ACCUMULATOR: Commences Liquidation Proceedings ------------------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Lindsell Train Japan (Accumulator) Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN DISTRIBUTOR: Commences Liquidation Proceedings ------------------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Lindsell Train Japan (Distributor) Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN GLOBAL: Commences Liquidation Proceedings -------------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Lindsell Train Global Media (Accumulator) Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LINDSELL TRAIN MEDIA: Commences Liquidation Proceedings ------------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Lindsell Train Global Media (Distributor) Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 LOMBARD/APIC ADVISORS: Commences Liquidation Proceedings -------------------------------------------------------- On Nov. 29, 2011, the sole shareholder of Lombard/Apic Advisors LDC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 MADISON EQUITY: Creditors' Proofs of Debt Due Jan. 20 ----------------------------------------------------- The creditors of Madison Equity Limited are required to file their proofs of debt by Jan. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 29, 2011. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands NATHAN RETAIL: Commences Liquidation Proceedings ------------------------------------------------ On Nov. 25, 2011, the sole shareholder of Nathan Retail Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: Galaxy Chan Mei Lan KPMG Prince's Building, 8th Floor 10 Chater Road, Central Hong Kong c/o Graham Kot Telephone: +852 2847 5130 Facsimile: +852 2869 7357 KPMG Alexandra House, 27th Floor 18 Chater Road Central, Hong Kong Telephone: +852 2140 2888 Facsimile: +852 2869 7357 NATURAL WAVE: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 25, 2011, the sole shareholder of Natural Wave, Inc. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 PISTON INVESTMENT: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Piston Investment Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: Galaxy Chan Mei Lan KPMG Prince's Building, 8th Floor 10 Chater Road, Central Hong Kong c/o Graham Kot Telephone: +852 2847 5130 Facsimile: +852 2869 7357 KPMG Alexandra House, 27th Floor 18 Chater Road Central, Hong Kong Telephone: +852 2140 2888 Facsimile: +852 2869 7357 STORES INTERNATIONAL: Commences Liquidation Proceedings ------------------------------------------------------- On Nov. 22, 2011, the sole shareholder of Stores International Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 17, 2012, will be included in the company's dividend distribution. The company's liquidator is: Jeremy Simon Spratt KPMG LLP 8 Salisbury Square London, EC4Y 8BB United Kingdom c/o Jacqueline Edwards Telephone: +44 (0) 20 7311 8563 Facsimile: +44 (0) 20 7694 3533 KPMG P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands FAO: David Thacker Telephone: 345-949-4800 Facsimile: 345-949-7164 SYC RETAIL: Commences Liquidation Proceedings --------------------------------------------- On Nov. 25, 2011, the sole shareholder of SYC Retail Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: Galaxy Chan Mei Lan KPMG Prince's Building, 8th Floor 10 Chater Road, Central Hong Kong c/o Graham Kot Telephone: +852 2847 5130 Facsimile: +852 2869 7357 KPMG Alexandra House, 27th Floor 18 Chater Road Central, Hong Kong Telephone: +852 2140 2888 Facsimile: +852 2869 7357 UBS (CAY) ISLAMIC FUND: Commences Liquidation Proceedings --------------------------------------------------------- On Nov. 28, 2011, the sole shareholder of UBS (CAY) Islamic Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 UBS (CAY) ISLAMIC MASTER: Commences Liquidation Proceedings ----------------------------------------------------------- On Nov. 24, 2011, the sole shareholder of UBS (CAY) Islamic Master Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 18, 2012, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005 Cayman Islands c/o Jennifer Chailler Telephone: (345) 814 6847 UPPER EQUITY: Creditors' Proofs of Debt Due Jan. 20 --------------------------------------------------- The creditors of Upper Equity Limited are required to file their proofs of debt by Jan. 20, 2012, to be included in the company's dividend distribution. The company commenced liquidation proceedings on Nov. 29, 2011. The company's liquidator is: Westport Services Ltd. c/o Bonnie Willkom Telephone: (345) 949 5122 Facsimile: (345) 949 7920 PO Box 1111 Grand Cayman KY1-1102 Cayman Islands WELLINGTON RETAIL: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 25, 2011, the sole shareholder of Wellington Retail Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Jan. 9, 2012, will be included in the company's dividend distribution. The company's liquidator is: Galaxy Chan Mei Lan KPMG Prince's Building, 8th Floor 10 Chater Road, Central Hong Kong c/o Graham Kot Telephone: +852 2847 5130 Facsimile: +852 2869 7357 KPMG Alexandra House, 27th Floor 18 Chater Road Central, Hong Kong Telephone: +852 2140 2888 Facsimile: +852 2869 7357 ======= P E R U ======= DOE RUN: Creditors Agree to Smelter Restructuring ------------------------------------------------- Alex Emery at Bloomberg News reports that Doe Run Peru Vice- President Jose Mogrovejo said that the company's creditors, including Glencore International Plc and Trafigura Beheer BV, agreed to the restructuring of the company's US$160 million debt. The company is carrying out maintenance work at its shuttered zinc smelter in a bid to restart operations "as soon as possible," Mr. Mogrovejo told Bloomberg in an interview from Lima. Mr. Mogrovejo said that the board of creditors elected Diego Calmet as its president and will meet again on Jan. 18, Bloomberg relates. As reported in the Troubled Company Reporter on April 18, 2011, Bloomberg News said Peru's Finance Minister Ismael Benavides said the government will defend its rights in arbitration initiated by the closed Doe Run Peru smelter. Citing a government official, Patricia Velez at Reuters related that Doe Run Peru's parent, Renco Group, filed for arbitration against Peru to resolve a longstanding dispute over its Doe Run Peru metals smelter. According to newspaper Peru 21, Renco had demanded a $800 million payment for cancelling Doe Run Peru's operating license for the La Oroya smelter in July 2010 after it failed to complete an environment cleanup project. The plant was privatized in 1997. Reuters related that under the terms of the sale, Renco will put filters on the smelter and the government will remove contaminants from the hills and the town surrounding the plant. According to Peruvian newspapers, Renco claimed that the government has not followed through on its own cleanup effort or honored the terms of the privatization agreement. About Doe Run Peru Doe Run Company operates an integrated primary lead operation and a recycling operation located in Missouri, referred to as Buick Resource Recycling. Fabricated Products operates a lead fabrication operation located in Arizona and a lead oxide business located in Washington. Doe Run Peru is a subsidiary of the company. Doe Run Peru operates a polymetallic smelter at La Oroya and copper mine at Cobriza both in Peru. According to Reuters, Peruvian mining minister said earlier this year that creditors were looking at taking over the smelter or liquidating it under a bankruptcy process overseen by regulator Indecopi. CORMIN initiated Doe Run Peru's bankruptcy proceeding before INDECOPI. =============================== T R I N I D A D & T O B A G O =============================== * TRINIDAD & TOBAGO: Economy Contracts 1.4% in 2011, Bank Says -------------------------------------------------------------- Jamaica Gleaner reports that a data from the Central Bank of Trinidad and Tobago revealed that the Trinidad and Tobago economy contracted by 1.4% last year. The latest figures released headline inflation stood at 5.7% in November, increasing from 3.7% in September, while core inflation remained fairly consistent throughout the year between one and 1.15%, according to Jamaica Gleaner. The report notes that CBTT said inflation dropped into single digits for most of 2011, strengthening the case for continuing its accommodative monetary policy. Jamaica Gleaner relays that the repo rate was reduced to its lowest level of 3.0%, prompting banks to also lower loan and deposit rates. "Faced with lower demand for their products, businesses remained reluctant to increase their financial leverage. Some firms as well as individuals also had greater difficulty in servicing their loans on time, resulting in an increase in non-performing loans. This was especially true for debts associated with high-end real estate projects. . . . By the final quarter of the year, however, there were indications of a small revival in private-sector credit demand," the report quoted the central bank as saying. Reserves Deficits for Some Car Insurers Trinidad Express reports that Trinidad & Tobago Central Bank Governor Ewart Williams said a bank data revealed that some local motor insurance companies are finding it difficult to maintain adequate reserves to cover potential claims. Mr. Williams said the industry was faced with challenges but the bank had been meeting and had taken certain moral suasion actions to require motor vehicle insurers to strengthen claims reserves, according to Trinidad Express. "There has been some improvement, but efforts need to continue to bring reserves to appropriate levels. It continues to be a thorny problem so several insurance companies are being closely monitored by the bank," Trinidad Express quoted Mr. Williams as saying. Meanwhile, the report relates that Mr. Williams said the life insurance sector continues to show robust capital levels, and its statutory fund reserves also continue to show sizeable surpluses. Mr. Williams said there was one company showing a deficit, but the bank was dealing with the matter, Trinidad Express adds. =============== X X X X X X X X =============== * Upcoming Meetings, Conferences and Seminars --------------------------------------------- April 3-5, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Grand Hyatt Atlanta, Atlanta, Ga. Contact: http://www.turnaround.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ November 1-3, 2012 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Westin Copley Place, Boston, Mass. Contact: http://www.turnaround.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ April 10-12, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference JW Marriott Chicago, Chicago, Ill. Contact: http://www.turnaround.org/ October 3-5, 2013 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Wardman Park, Washington, D.C. Contact: http://www.turnaround.org/ *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2012. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 240/629-3300. * * * End of Transmission * * *